Rise in oil prices 'largely ignored' by the market: Analyst

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Stocks are lower following the start of the United Auto Workers strike against the Big Three automakers, Ford (F), General Motors (GM), and Stellantis (STLA), and the upcoming Federal Reserve meeting. IG North America CEO JJ Kinahan joins Yahoo Finance Live to discuss some the factors impacting the economy. Crude oil (CL=F) hit over $90 per barrel this week. Kinahan says the rise in oil prices has “been largely ignored… by the market for the last couple of weeks.” “There’s nothing that quickly gets into people’s pocketbooks faster than the price of crude oil through gasoline, et cetera,” Kinahan adds. “Something people have to keep on the radar,” Kinahan notes, “is the fact that the dollar has been incredibly strong overall.” Kinahan explains that something you’re going to start to hear in the upcoming earnings season is that “the cost for companies overseas to buy U.S. products is going to go up pretty significantly” so the U.S. dollar’s (DX-Y.NYB) strength may start “to weigh in to sales overall,” Kinahan says, particularly on the tech side.

Celebrate summer with the best swimsuits from films throughout the years...MONTREAL — Shares of Laurentian Bank were down more than 10 per cent in morning trading after it announced it had completed its review of strategic options without a deal to sell the bank. The Montreal-based bank said Thursday it has decided that its best path forward to drive shareholder value is an accelerated evolution of its current plan with an increased focus on efficiency and simplification.

Thursday's angry words came in response to an announcement the day before by Commission President Ursula Von Der Leyen:"Global markets are now flooded with cheaper Chinese electric cars. And their prices kept artificially low by huge state subsidies. This is distorting our market and as we do not accept this distortion from the inside in our market, we do not accept this from the outside."Von Der Leyen said Brussels would investigate, and might impose punitive tariffs.

 

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UAW Strike: GM in ‘most vulnerable position,’ analyst saysThe United Auto Workers strike deadline against the Big Three automakers, Ford (F), General Motors (GM), and Stellantis (STLA), is just over 24 hours away. CFRA Equity Analyst Garret Nelson joins Yahoo Finance Live discusses how the potential strike will impact the automakers and other companies, such as suppliers. Nelson says, “it’s nearly 100% certainty that there is going to be a strike,” but the big question is will “the UAW strike one company, would they strike all three, or specific plants? And the latest chatter is that they’re likely to strike specific plants.”  Nelson notes that “General Motors is in the most vulnerable position... because of their inventory.” Nelson explains how GM has reportedly “made the most generous offer” recently and seems “to be making more concessions” compared to Ford or Stellantis because GM’s inventories are “much lower across their four major brands, Chevy, Cadillac, Buick, and GMC, than the inventories of any of the Ford or Stellantis brands.” Nelson adds that Magna International (MGA) and Lear Corporation (LEA) are “most at risk” from a strike because of their degree of exposure to the Big Three. Whereas, Tesla (TSLA) would be “the big winner” from a UAW strike.
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